Internet Computer consolidates near key support as traders weigh next move
The price of Internet Computer (ICP) has stabilized around $4.80 after a period of heavy volatility, as shown in the latest 4-hour chart. The token has been consolidating above a critical support zone, suggesting that market participants are waiting for fresh momentum before the next decisive move.
The chart highlights a strong support zone near $4.60–$4.70, where buyers have consistently stepped in. This area, marked in green, has so far prevented deeper declines. On the upside, the nearest resistance sits around $5.20, with stronger supply pressure identified between $5.50 and $5.70.
A break above these resistance levels could re-open the path toward the mid-$6 range, but failure to hold the current support may send ICP back toward the $4.30–$4.40 region.
ICP recently broke down from a rising channel, triggering a wave of selling pressure. Since then, the token has retraced more than 20% from its late-July highs. According to technical analysts, this kind of channel breakdown often signals the start of a consolidation or corrective phase.
“The $4.70 zone is crucial,” According to BITX market strategists. “If bulls defend it, ICP could attempt another recovery rally. But if that floor gives way, we may see a deeper pullback in line with broader market weakness.”
Trading volume has remained moderate, indicating reduced speculative activity compared to July’s rally. Sentiment among traders appears cautious, with many watching Bitcoin’s price action for cues that could influence ICP’s short-term direction.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.